- CTC Media (NASDAQ:CTCM +2.3%), trying to close on a sale of 75% of the company to billionaire Alisher Usmanov, is setting details for a Thursday vote at 4 p.m. UK time.
- The company says its largest stockholder, MTG Russia, has voted its proxy in favor of all resolutions. The Russian Government Commission responsible for foreign investment into the Russian Federation has OK'd the sale, says CEO Yuliana Slashcheva.
- CTC is pursuing the sale, to Usmanov's UTH Russia (for about $200M), to comply with a new law imposing limitations on non-Russian ownership of Russian TV broadcasters that goes into effect Jan. 1.
- It's pressing shareholders to vote -- if the sale isn't approved, there likely won't be time to pursue an alternate transaction before the law takes effect.
- Previously: CTC Media up 5.8% premarket on sale to Usmanov firm (Sep. 25 2015)